Vital Metals Limited (ASX: VML) (“Vital” or the “Company”) is pleased to provide an update on the Cheetah Resources acquisition announce to ASX on 25 June 2019.
The Company continues to progress with its due diligence process, and has successfully completed the technical due diligence on the Thor Lake and Wigu Hill projects.
Due to the volume of material related to the licensing and permitting already in place for the Thor Lake Project, the Company has agreed with Cheetah to extend the period of due diligence to August 14, 2019.
The licensing and permitting provides potential for a start-up operation to exploit high-grade, easily accessible near surface mineralisation initially from the North T-Zone.
The Company plans to move quickly and assess options to utilise simple, mechanical sorting to produce a high-grade concentrate without the use of chemicals or process water.
The focus on producing a concentrate for sale to existing refiners reduces the massive capital costs and multi year construction times typically associated with building a REO refinery and is in line with the Company’s objectives to establish low-cost operations with a short development time. The Company looks forward to updating the market when the due diligence is complete.
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